Companies will be able to bid to acquire the business or its assets — or offer a refinancing or recapitalization of the company.

Qualified bids are due by the end of March. The goal is to close a transaction by May 6.

Canaccord Genuity is financial advisor to the company; PricewaterhouseCoopers is its monitor, which has a webpage with details.

Meanwhile, a securities class action was filed against Guestlogix, alleging that it published annual and interim financials and made other statements that had “material misrepresentations regarding various financial covenants attached to two different credit facilities” it had entered into between 2013 and 2015.

Guestlogix is alleged to have failed to disclose that there were financial covenants contained within two credit facilities pertaining to trailing earnings before interest, taxes, depreciation and amortization (EBITDA) or what the consequences were for breaching these covenants.

Guestlogix is in default of both credit facilities.

Last December, Guestlogix said that an internal review of its accounting practices and revenue recognition policies found that “it may be required to restate its prior financial statements and that the preliminary review indicated that the restatement would be material.”

Despite these events, GuestLogix will operate as usual, thanks in part to a $3 million financing facility. Activities include deploying its newest iOS retail technology on the fleet of Sun Country’s Boeing 737s. The company has the travel industry’s largest client list of airlines and rail companies for its payment processing solutions.